SEC Form 4 · accession 0001615619-18-000076
PLAINS ALL AMERICAN PIPELINE LP · PAA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Willie CW Chiang
Officer — EVP & COO · Director
Period of report
Aug 16, 2018
Accepted (ET)
Aug 20, 2018 · 6:47 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001070423
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom UnitsF1,F2,F3 | — | Aug 16, 2018 | A | 500,000 | A | — | — | Common Units | 500,000 | 500,000 | D |
Explanation of responses
- F1Grant of Phantom Units under Long-Term Incentive Plan (includes associated distribution equivalent rights payable in cash).
- F2One common unit is deliverable, upon vesting, for each phantom unit that vests.
- F3The phantom units will vest as follows: (i) 25% upon the later of October 1, 2023 and the first distribution date on which PAA will have generated distributable cash flow ("DCF") of at least $3.00 per common unit on a trailing four quarter basis, and (ii) 75% upon the later of October 1, 2023 and the first distribution date on which PAA will have generated DCF of at least $3.50 per common unit on a trailing four quarter basis, in both cases with the initial performance-related measurement period beginning January 1, 2021. Any phantom units that have not vested by October 1, 2025 will expire at that time.